Discovery Communications To Lay Off More than 200 Employees in October
Some of the remaining Silver Spring staff will relocate to New York City and Tennessee
Discovery Communications is planning to lay off 212 employees on Oct. 1 as it prepares to relocate its headquarters in downtown Silver Spring to New York City in 2019, according to the Washington Business Journal.
“A big population of employees will transfer to New York,” the spokesperson said Wednesday.
Other employees will move to Knoxville and a “creative hub” at a location yet to be named in Maryland, while others will be transferred to the company’s existing technology hub in Sterling, Virginia.
Source – Bethesda Beat
Discovery Communications, LLC Retirement Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 83. For the average 401k participant, the 8 point difference between this plan’s BrightScope Rating (83) and the top rated plan (91) could equate to 7 additional years of work and/or $43,423 in lost savings.
The plan’s administrator is Jeffrey Hazard and is handled in Silver Spring, MD. The investment advisor is CapTrust Financial Advisors and the recordkeeper is Fidelity.
One of the key concerns is that the plan only has 35 investment options which is common for most 401k type plans.
Most 401k, Profit Sharing or ESOP plans do not have active management so there is no one guiding the plan’s investments. What this means is in the event of an economic downturn, there is no method for automatically moving your investments to a lower risk profile to protect your hard-earned savings.
With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a severe downturn. Learn more in our guide, 6 Critical Steps You Must Take Now.
For an in depth analysis of your options feel free to make an appointment, read one of our guides or participate in one of our workshops.
Wishing you the best.
Doug Reed, CRPC, AAMS